This Act may be cited as the Financial Sector Reform (Amendments
and Transitional Provisions) Act 1998 .

2 Commencement

(1) Subject to this section, this Act commences on the day on
which it receives the Royal Assent.

(2) The following provisions of this Act commence on the
commencement of the Australian Prudential Regulation Authority
Act 1998 :

(a) Schedule 1;

(b) Schedule 2, other than item 86;

(c) Schedule 3;

(d) Schedule 4;

(e) Schedule 7;

(f) Schedule 8;

(g) Schedule 9, subject to subsections (9) and (10);

(h) Parts 1 to 3 of Schedule 10;

(i) Schedule 11;

(j) Schedule 12, subject to subsection (12);

(k) Parts 1 to 6 of Schedule 13;

(l) Schedule 14;

(m) Schedule 15;

(n) Parts 1 to 6 of Schedule 16;

(o) Schedule 17;

(p) Schedule 18, other than the items amending the
Australian Prudential Regulation Authority Act 1998 .

(3) Subject to subsection (4), item 86 of Schedule 2
commences on a day to be fixed by Proclamation.

(4) If item 86 of Schedule 2 does not commence under
subsection (3) within the period of 24 months beginning on the day
on which this Act receives the Royal Assent, it commences on the
first day after the end of that period.

(5) Part 3 of Schedule 4 is taken to have commenced on 3 May
1998.

(6) Parts 1 to 4 of Schedule 5 commence:

(a) on the commencement of the Australian Prudential
Regulation Authority Act 1998 if item 32 of Schedule 3 to the
Company Law Review Act 1998 commences before the
commencement of the Australian Prudential Regulation Authority
Act 1998 ; or

(b) immediately after the commencement of item 32 of Schedule
3 to the Company Law Review Act 1998 if that item does not
commence before the commencement of the Australian Prudential
Regulation Authority Act 1998 .

(7) Part 5 of Schedule 5 commences:

(a) on the commencement of the Australian Prudential
Regulation Authority Act 1998 if Schedule 5 to the Company
Law Review Act 1998 commences before the commencement of the
Australian Prudential Regulation Authority Act 1998 ; or

(b) immediately after the commencement of Schedule 5 to the
Company Law Review Act 1998 if that Schedule does not
commence before the commencement of the Australian Prudential
Regulation Authority Act 1998 .

(8) Schedule 6 commences:

(a) on the commencement of the Australian Prudential
Regulation Authority Act 1998 if the Managed Investments Act
1998 commences before the commencement of the Australian
Prudential Regulation Authority Act 1998 ; or

(b) immediately after the commencement of the Managed
Investments Act 1998 if that Act does not commence before the
commencement of the Australian Prudential Regulation Authority
Act 1998 .

(9) If item 5 of Schedule 2 to the Insurance Laws
Amendment Act 1998 commences on or before the commencement of
the Australian Prudential Regulation Authority Act 1998 ,
items 76, 128 and 143 to 149 of Schedule 9 to this Act do not
commence.

(10) Parts 3 and 4 of Schedule 9 commence:

(a) on the commencement of the Australian Prudential
Regulation Authority Act 1998 if that Act commences after the
commencement of item 5 of Schedule 2 to the Insurance Laws
Amendment Act 1998 ; or

(b) immediately after the commencement of item 5 of Schedule
2 to the Insurance Laws Amendment Act 1998 if the
Australian Prudential Regulation Authority Act 1998
commences on or before the commencement of that item.

(11) The items in Part 4 of Schedule 10 listed in the table
commence:

(a) on the commencement of the Australian Prudential
Regulation Authority Act 1998 if the corresponding item of
Schedule 1 to the Insurance Laws Amendment Act 1998
commences before the commencement of the corresponding item; or

(b) immediately after the commencement of the corresponding
item of Schedule 1 to the Insurance Laws Amendment Act 1998
if that item does not commence before the commencement of the
Australian Prudential Regulation Authority Act 1998 .

(12) If, under subsection (2), Schedule 12 commences on the
same day as provisions of the Insurance Laws Amendment Act
1998 commence, that Schedule commences on that day immediately
after the commencement of those provisions.

(13) Part 7 of Schedule 13 commences on the day on which this
Act receives the Royal Assent.

(14) Part 7 of Schedule 16 commences:

(a) on the commencement of the Australian Prudential
Regulation Authority Act 1998 if Part 1 of Schedule 2 to the
Superannuation Legislation Amendment Act 1998 commences
before the commencement of the Australian Prudential Regulation
Authority Act 1998 ; or

(b) immediately after the commencement of Part 1 of Schedule
2 to the Superannuation Legislation Amendment Act 1998 if
that Part does not commence before the commencement of the
Australian Prudential Regulation Authority Act 1998 .

(15) Items 232 to 234 of Part 8 of Schedule 16 commence:

(a) immediately after the commencement of the Australian
Prudential Regulation Authority Act 1998 if item 42 of Schedule
1 to the Superannuation Legislation Amendment (Choice of
Superannuation Funds) Act 1998 commences before the
commencement of the Australian Prudential Regulation Authority
Act 1998 ; or

(b) immediately after the commencement of item 42 of Schedule
1 to the Superannuation Legislation Amendment (Choice of
Superannuation Funds) Act 1998 if that item does not commence
before the commencement of the Australian Prudential Regulation
Authority Act 1998 .

(16) Items 235 and 236 of Part 8 of Schedule 16 commence:

(a) on the commencement of the Australian Prudential
Regulation Authority Act 1998 if item 50 of Schedule 1 to the
Superannuation Legislation Amendment (Choice of Superannuation
Funds) Act 1998 commences before the commencement of the
Australian Prudential Regulation Authority Act 1998 ; or

(b) immediately after the commencement of item 50 of Schedule
1 to the Superannuation Legislation Amendment (Choice of
Superannuation Funds) Act 1998 if that item does not commence
before the commencement of the Australian Prudential Regulation
Authority Act 1998 .

(17) Part 3 of Schedule 17 has effect only if the
Australian Prudential Regulation Authority Act 1998
commences before the commencement of Schedule 3 to the
Superannuation Legislation Amendment Act 1998 and, if so,
Part 3 commences immediately after the commencement of Schedule 3
to the Superannuation Legislation Amendment Act 1998 .

(a) on the commencement of the Australian Prudential
Regulation Authority Act 1998 if the Public Service Act
1998 commences before the commencement of the Australian
Prudential Regulation Authority Act 1998 ; or

(b) immediately after the commencement of the Public
Service Act 1998 if that Act does not commence before the
commencement of the Australian Prudential Regulation Authority
Act 1998 .

(19) Schedule 19 commences on the day on which this Act
receives the Royal Assent.

Subject to section 2, the Corporations Law and each Act that is
specified in a Schedule to this Act is amended or repealed as set
out in the applicable items in the Schedule concerned, and any
other item in a Schedule to this Act has effect according to its
terms.